Topics: Real estate, Economics, Supply and demand Pages: 2 (520 words) Published: April 2, 2014
EC137 Economics Coursework
Based on Principles of Microeconomics (Lecturer: Ger Turley)

Assignment 2

Instructions: To be submitted by 4pm on Friday, 18th of October to the Economics Department, 1st floor of St. Anthony’s building (old part of the CAIRNES School of Business and Economics building) on the Upper Newcastle Road (located on the right-hand side, beyond the Topaz garage and crossroads). Please ensure that your name, student ID, tutorial details (day, time, venue), degree programme and tutor’s name is clearly marked. Please make sure that your submission is stapled, typed (if at all possible) and inserted in the large brown cabinet (in your tutor’s slot) opposite Room 207 on the first floor of St. Anthony’s (Economics Department). Please keep a copy for your own records (and bring along to the following week’s tutorial)

NB: Grading marked on a 0 (awful standard), 3 (poor standard), 6 (ok standard), 9 (good standard), 12 (very good standard) and 15 (excellent standard) scale.

A Case Study using demand and supply analysis
The Irish housing market during the Celtic Tiger years

Your economics assignment is to write an article on the Irish housing (residential property) market during the years of the Celtic Tiger (that is, before the property collapse and the recession). Using demand and supply analysis, write a short account of what happened in the Irish housing market during the late 1990s/early 2000s, when average real house prices trebled. In this article, identify the factors that influenced the demand for and supply of housing. Explain why prices increased and support your claims with house price data (see below). Many of the key terms required for your article are listed here, including both demand-side and supply-side factors i.e. reasons for changes in the demand for housing and the supply of housing. Note: The class discussion in tutorial 3 will give you some background material and information which should be helpful when writing...
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